And what about fuel delivery? I assume the 302 you have in mind has a carburetor - the 62 PSI from your tank-mounted fuel pump will be way too much.
I'm not trying to give you a hard time on this, but really to offer advice... If you have cheap or free access to that 302, it can be made to work. But if it's an 80's vintage smog motor, your truck might not go any faster than the 4.0 FI engine that you are taking out.
I remember the 'bad old days' of 80's vintage cars and trying to get them to run right. And the crappy automatics that were tweeked for maximum MPG (and maximum neck-jerking on shifts).
I have '94 and '97 Ford V8's in the driveway. Both have over 175,000 miles each (plus all the emissions equipment) and both run like new cars. My advice - find a 302 wrecked Explorer and transplant the drivetrain, wiring harness and computer.